Problem: If $x^{2y}= 4$ and $x = 4$, what is the value of $y$? Express your answer as a common fraction.
Answer: Plugging $x = 4$ into the first equation, we get $4^{2y} = 4^1 \Rightarrow 2y = 1 \Rightarrow y = \boxed{\frac{1}{2}}$.